Kampala — President Yoweri Kaguta Museveni has launched Uganda’s first Islamic insurance company, Tamini General Insurance, calling on the Muslim community to invest in commercially viable ventures rather than consumptive spending.
The President made the remarks during the official launch of Tamini General Insurance, a subsidiary of Saalam Group, held at Millennium Park Lugogo during an Iftar dinner organised by Senior Presidential Advisor Political Affairs and Head of the NRM National Chairman’s Office, Hadijah Namyalo Uzeiye.
Market Opportunity in Uganda
Addressing investors and the Muslim community, President Museveni welcomed the new financial institution, noting Uganda’s expanding market.
“Salaam Bank Uganda and Tamini, you are welcome to Uganda. Uganda is a growing market with over 45 million people. The population will reach 100 million by 2050. You are in Uganda at the right time,” he said.
He urged the Muslim community to prioritise productive investments.
Integrated Financial Services for Inclusion
President Museveni praised the Saalam Group for providing inclusive financial services targeting both low- and middle-income earners.
He described their operational model as a complete financial cycle combining financing and insurance.
“Insurance is about preparing so that in case anything goes wrong, you have backup. When you borrow, you invest but what if things do not go as planned? I thank Tamini Insurance for completing the cycle,” he said.
Support for Interest-Free Wealth Creation
The President said government was advancing interest-free wealth creation programmes such as the Parish Development Model (PDM).
He explained that the 6 percent annual charge associated with the programme is meant only to control inflation and maintain fund stability.
“We should work to eliminate poverty by getting everyone out of poverty. PDM will help ensure the remaining 30 percent of Ugandans also gets out of poverty,” he said.
He urged the Muslim community to leverage government development initiatives.
Gender-Inclusive Beneficiary Selection
President Museveni directed PDM management committees to adopt a matrilineal approach in selecting beneficiaries.
He explained that the system, which prioritises kinship through the female line, would help include more families, including those in polygamous households.
“This will ensure involvement of more families including polygamous families as opposed to the patrilineal approach that may deny some women-led families the chance to benefit from PDM,” he said.
The President also commended women for their increasing participation in economic activities that support household welfare and national development.
He pledged to increase funding for Muslim women economic empowerment programmes from Shs2 billion to about Shs20 billion.
Ethical Investment and Financial Inclusion
Speaking on behalf of Tamini Insurance, Group CEO Mohamed Bahdon outlined the company’s operational philosophy built on three pillars — ethical investment, transparent oversight, and collective participation.
He said Islamic insurance would expand affordable coverage options and reshape Uganda’s insurance landscape in alignment with national development aspirations.
“A farmer who accesses Halal financing from Salaam Bank to grow his crop can now insure that crop through Tamini,” Bahdon said.
“This will help transform Uganda’s economy from a consuming nation into a producing nation.”
Growth of Uganda’s Insurance Sector
The Chief Executive Officer of the Insurance Regulatory Authority of Uganda, Ibrahim Kaddunabbi Lubega, reported that Uganda’s insurance sector had grown to over Shs2 trillion in value.
He projected further expansion following the introduction of Sharia-compliant insurance products.
Globally, Sharia-based insurance is currently valued at about USD 36.6 billion and is projected to exceed USD 75 billion by 2033, presenting significant growth opportunities for Uganda’s financial sector.
Focus on Informal Sector and Disaster Risk Coverage
Senior Presidential Advisor Hadijah Namyalo noted that the new Islamic insurance company would prioritise the informal sector.
The company is expected to design products targeting market vendors and communities in disaster-prone areas to expand financial protection.
Call for Unity and Legal Mercy
Speaking during the event, Tabliq Muslim leader Sheikh Muhammad Yunus Kamoga thanked the President for promoting religious harmony and supporting Muslim education and financial institutions.
He also commended the President for pardoning individuals who had previously fallen on the wrong side of the law.
However, he requested presidential consideration for clemency for two detained prominent Muslim individuals.